Halifax Flexicard

cgloss96

Hi,

I am totally new to credit cars and do not really know much about them. I am a 22yo male and basically want to boost my credit score. To do so, I have been told to get a credit card to pay for day-to-day thing such as groceries and then pay it off immediately. Is this Halifax Flexicard best for me?

I will simply use the credit card and transfer money into it to pay it off within 5 minutes. The sole purpose is simply to boost my credit score. Will I get charged if I pay the credit card off as I use it? E.g. Use flexicard to buy £20 shopping, 5 minutes later i will transfer £20 from current account to credit card to pay balance off. Will I get charged? And is this the best credit card for me?

Thanks (Sorry if this is a stupid question but I am new to credit cards)

Edi81

You don’t have a credit score. You have a credit history and using a credit card sensibly will help this.

Use the card.
Wait for the monthly statement.
Pay off in full.

Do not pay it off 5 minutes after spending on it.

Jami74

About once a month your credit card company send info to the Credit Reference Agencies outlining your balance, how much you owe and whether you paid the minimum amount or the balance in full the previous month. It is a snapshot of the information on the day they send it.

If you pay the card off within five minutes of making a purchase then it will look like you never used the card as the balance will always be zero. This will not do anything to show that you have the ability to handle credit, improve your credit history or your 'score'. Paying off within five minutes of making a purchase is completely pointless, you might as well just use your debit card.

When you apply for the card you should get the chance to opt to pay by direct debit. Make sure you tick the box to 'pay in full'.

Each month you will get a credit card statement that shows all of your purchases since the last statement, the minimum amount you need to pay, how much interest it will cost you if don't pay in full and the date you need to make payment by. If you've set up your direct debit to pay in full the money will be taken on the due date and you will not pay any interest.

System

Jami74 wrote: »

About once a month your credit card company send info to the Credit Reference Agencies outlining your balance, how much you owe and whether you paid the minimum amount or the balance in full the previous month. It is a snapshot of the information on the day they send it.

If you pay the card off within five minutes of making a purchase then it will look like you never used the card as the balance will always be zero. This will not do anything to show that you have the ability to handle credit, improve your credit history or your 'score'. Paying off within five minutes of making a purchase is completely pointless, you might as well just use your debit card.

When you apply for the card you should get the chance to opt to pay by direct debit. Make sure you tick the box to 'pay in full'.

Each month you will get a credit card statement that shows all of your purchases since the last statement, the minimum amount you need to pay, how much interest it will cost you if don't pay in full and the date you need to make payment by. If you've set up your direct debit to pay in full the money will be taken on the due date and you will not pay any interest.

Just ensure you pay off (in full) by the due date by Faster Payment/funds Transfer or cash.

No need for a Direct Debit.

boo_star

cgloss96 wrote: »

Is this Halifax Flexicard best for me?

Have you run a soft check to see if they're likely to give you this card?


If you have a limted credit history I suspect that you'll not be accepted for a low rate interest card like this, you'll probably be better off looking at Aqua, Vanquis, Barclaycard Forward or Capital One Classic.


It won't hurt to try out the soft search with Halifax but I wouldn't get your hopes up.